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How does cryptocurrency affect your divorce?

On Behalf of | Nov 30, 2021 | Divorce

When dividing your marital assets, you may have a lot to sort through like tangible property, savings accounts or even intellectual property including art and patents. It is important for you and your spouse to exercise transparency when disclosing these assets.

As a valuable asset, cryptocurrency is theoretically as easy as cash to split in a divorce. As time has shown though, it is not that simple.

Cryptocurrency in America

According to CNBC, more than 20 million Americans may own cryptocurrency. You may think of Bitcoin or Ethereum since those are some of the older and more valuable cryptocurrencies, but there are many other versions. Monero, Dash and Verge are some examples of anonymous cryptocurrencies. Cryptocurrency is a digitally encrypted asset that many speculate on in order to buy and sell for greater returns.

Cryptocurrency in hiding

A cryptocurrency’s value fluctuates with the market and its encrypted nature makes it difficult to track. Not only that, it is an expensive endeavor depending on how many devices a forensic accountant has to search.

Cryptocurrency in divorce

Minnesota is an equitable division state, meaning divorce courts attempt to divide things according to your unique situation as fairly as possible — rather than an equal split down the middle. If you or your spouse disclose those assets, the courts may split those crypto coins between you two or trade the full crypto wallet amount in exchange for other assets.

If you suspect your spouse may have hidden assets like undisclosed cryptocurrencies, there are processes to finding that out. It requires communication and collaboration with many resources and investigators, but you deserve your fair share of all marital assets.

Effective September 1, 2021, Kniess Law merged into Hellmuth & Johnson. This merger allows us to provide a broader range of capabilities to our valued clients. Our office will remain the same, serving as Hellmuth & Johnson’s east metro location.
Check out the new firm at: www.hjlawfirm.com
Michelle Kniess’ Direct Line: 952-460-9259
Contact Michelle Kniess directly here: https://hjlawfirm.com/minneapolis-attorneys/michelle-m-kniess/
Contact Cassandra Suchomel directly here: https://hjlawfirm.com/minneapolis-attorneys/cassandra-l-suchomel/

Effective September 1, 2021, Kniess Law merged into Hellmuth & Johnson. This merger allows us to provide a broader range of capabilities to our valued clients. Our office will remain the same, serving as Hellmuth & Johnson’s east metro location.

Check out the new firm at: www.hjlawfirm.com

Michelle Kniess’ Direct Line: 952-460-9259

Contact Michelle Kniess directly here: https://hjlawfirm.com/minneapolis-attorneys/michelle-m-kniess/

Contact Cassandra Suchomel directly here: https://hjlawfirm.com/minneapolis-attorneys/cassandra-l-suchomel/

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